18/2.23. Finspiration Saturday Morning Report.
Yesterday, ASX down. Overnight U.S. mixed.
XJO yesterday.
XJO down -0.86% yesterday. It remains in a down-trend with the chart stuck in the lower half of the Bollinger Bands, below the 8-Day EMA and below the Supertrend Line.
The hidden divergence remains in play (higher low on the chart, but lower low on Stochastic). That suggests that the Index will resume its primary up-trend.
For that to happen, we need to see a bullish candle on the chart and for RSI to close above its mid-line and for Accum/Distribution (lowest panel) to break above its MA.
Overnight in America.
SP500.
SP500 finished in "No Man's Land", that's the narrow Bollinger Bands in the above chart.
Today's candle is a "dragonfly doji" - opening and closing at the same level. That shows good intra-day buying.
The opening was a gap down from the previous day's candle.
A dragonfly doji, after a gap down, at the end of a down-trend, often suggests a weakening of the bears and a strengthening of the bulls. That could signal an end to the down-trend. A big up-day next is required to confirm.
Commodities.
Commodities Index -0.75%. Energy -1.63%. Base Metals +0.84%. Agriculture +0.49%. Gold +0.3%.
Gold shows a bullish engulfing candle coming at the end of a down-trend. That could signal the end of the down-trend.
BITCOIN.
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